When the California State Legislature concludes in mid-September, a resolution for the fire insurance drought might not be reached.
That could potentially lead to significantly higher statewide premiums.
Insurance broker Karl Susman said, "All the models that they’ve been using to come up with those figures, are basically not working anymore." He added, "What I try to explain to people, whenever I have this conversation, that this really isn't politics, this is just math." Rosenfield that insurers are deliberately creating an insurance shortage and panic to gain leverage over the legislature. This could potentially allow insurers to adopt internally devised computerized rate pricing models, a practice currently prohibited by the law.
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